Scott Bessent's comments came a day after President Donald Trump said he would impose tariffs on European countries that reject his push to control Greenland.

China has reported its economy expanded at a 5% annual pace in 2025, buoyed by strong exports despite U.S. President Donald Trump’s tariffs.

The global economy is set to grow more rapidly than previously expected this year, but could falter if trade barriers rise again and geopolitical conflicts intensify, the Fund said.

Gold and silver prices climbed fresh peaks on Monday, as investors flocked to safe-haven assets on intensifying tensions, after U.S. President Donald Trump threatened to impose extra tariffs on European countries over the control of Greenland.

Bessent's comments come one day after Trump said he would impose new tariffs on some European goods until a deal is struck for the U.S. to acquire Greenland.

One local coffee bean company said its costs had skyrocketed by up to $75,000 since tariffs were imposed in 2025.

The Supreme Court is poised to rule soon on President Donald Trump’s use of a 1977 emergency wartime law to impose sweeping tariffs on most U.S. countries.